Which one among the following reports states that the budget is seen, not as a simple balancing of tax receipts against expenditure but as a sophisticated process in which instruments of taxation and expenditure are used to influence the course of the Economy?

The Plowden Report on Control of Public Expenditure (1961) in the United Kingdom marked a significant shift in fiscal philosophy. It argued that the budget should not be viewed merely as a simple balancing of tax receipts against expenditure but as a sophisticated process where instruments of taxation and expenditure are used to influence the course of the economy. This report introduced the concept of 'long-term planning' of public expenditure, suggesting that decisions should be made in the context of overall resources and economic objectives rather than in isolation. While the Hoover Commission (USA) and Administrative Reforms Commission (India) focused on performance budgeting and administrative efficiency, the Plowden Report specifically emphasized the budget's role as a macroeconomic tool to manage aggregate demand and economic stability. This perspective transformed the budget from a purely accounting document into a primary instrument of economic policy.